The dynamics of change and the path-dependent evolution of resources and capabilities are central concerns of contemporary strategic management. This paper integrates the resource-based and dynamic capabilities literatures to explain why development of dynamic capabilities is especially...

This paper develops and empirically tests a theory of the use of board and institutional investor monitoring and the use of executive incentive compensation under different types of uncertainty in the industry. This empirical examination is based on a sample of U.S. firms operating in a wide...

We review and develop a subjectivist theory of entrepreneurship that focuses on individuals, their knowledge, resources and skills, and the processes of discovery and creativity, which constitute the heart of entrepreneurship. First, we establish the fundamental importance of subjectivity in...

We argue that Rugman and Verbeke (2002) underestimate the importance of Penrose's (1959) contributions to the modern resource-based view of the firm. In particular, we take issue with Rugman and Verbeke's (2002) arguments concerning Penrose's (1959) contributions to our knowledge of: (1) the...

This paper maintains that the consistent application of subjectivism helps to reconcile contemporary entrepreneurship theory with strategic management research in general, and the resource-based view in particular. The paper synthesizes theoretical insights from Austrian economics and Penrose's...

We develop a subjectivist theory of entrepreneurship that focuses on individuals, their knowledge, resources and skills, and the processes of discovery and creativity, which constitute the heart of entrepreneurship. First, we establish the fundamental importance of subjectivity in...